NEWARK–In Arthur Mirante’s first appearance since leaving his 40-year post at Cushman & Wakefield to become tri-state president of Avison Young, he will deliver the keynote address at the RealShare New Jersey Breakfast Series on June 5 at the Newark Club. In a talk with GlobeSt.com, he reveals this upfront: He will be talking “macro,” and he believes the prospects for all suburban markets in the Tri-State area are improving with Manhattan’s recovered office-market strength.
“The global economy is facing serious headwinds,” acknowledges Mirante, who was president of global client development at C&W until his departure last month, and CEO for 20 years before that. “The bottom line is that we are in the midst of the weakest recovery of any recovery period in the last 30 to 40 years.”
Nevertheless, says the new head of the Canadian-based Avison Young’s fledgling Manhattan office, “The New York marketplace is probably the healthiest market in the world right now, from an office-leasing standpoint.” Mirante notes the continued diversification of business in Manhattan, especially the rapid growth of new technology and digital media companies, particularly in Midtown South.
“Considering that something exceptional is happening in Manhattan,” Mirante says, “if we get just a little bit of continuing growth and improvement in the overall economy in the next 12-to-18 months, the Tri-State Area as a whole will benefit.”
Mirante calls himself a “Jersey boy,” since he spent so long at C&W. Still, he says he sees the commercial markets in Westchester County, Long Island, and Connecticut hurting about as much and in the same ways as the limping market in Jersey.
Looking ahead, he thinks the entire US real estate marketplace will suffer from uncertainty as the Congressional debates over the federal debt ceiling and Bush-era tax cut extensions occur this summer, and the presidential election battle ensues. “With as much uncertainty as our government has given us,” Mirante says, “the strength of the Tri-State economy shows we are dealing with it pretty well thus far.”
At Avison Young, Mirante says, he will be building strength in a young company based on a corporate culture that prizes teamwork.
“The client comes first, the company second, and you – the individual – come last,” is his description of Avison Young’s mission statement. “In a highly entrepreneurial real estate world, with lots and lots of money at stake, that’s a challenge” to instill, Mirante says. “How do you do it? You remind your people of the mission at every opportunity. You walk the talk.
“Frankly,” he adds, “that’s the way we built Cushman & Wakefield to success and that’s the way we’re going to build this company to success.”
To register for the event, click here.